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schweetheart420 · Posted: Tue Oct 23, 2007 1:35 pm Subject: Should I remove closed accounts?

I am trying to improve my credit score (and doing anything possible to gain points). I have paid off all my current debt. I have some derogatory accounts that belonged to my ex-husband that will not come off when I dispute and the creditors won't repond to my attempts to pay off so I am unsure what to do with those.

And then the only other things I have are several of my old credit cards, that are in good standing and either paid off or never used, some from almost 10 years ago that I am sure if I request they will be taken off completely since they are so old but will this do anything to my score? Will it bring it up be cause I will have less cards listed (they all show closed currently) or will it go down having less positive reports than negative?

Any help appreciated. I am also baffled on what to do about the creditors that won't reply to me. I want to just pay this off and get it off my report (and its not even mine!).

Thanks in advance.

Posted: Tue Oct 23, 2007 1:55 pm Subject:

Sometimes to much open credit is not a good thing. If your old open credit lines and your current ones add up to too much available credit it can lower your score. I also don't understand why the old ones from your husband won't be removed when disputed. Hoe can they validate them if they are not yours?

schweetheart420 · Posted: Tue Oct 23, 2007 3:39 pm Subject:

I have no idea what they are validating. They both say "joint" with him on my credit report, one is a joint account I had with him and he was responsible for in our divorce but did not make good on. I have written the creditors at the address on my report MANY times with no response and every time I file a dispute with the reporting agency it comes back "verified" but I have no idea what they verified. I have not seen or talked to my ex-husband in 4 1/2 years so it is really frusterating that I am getting no help trying to clear up this man's debts.

It doesn't seem legal that they can ignore me entirely yet leave it on my credit report but I don't really know what I can do otherwise.

Posted: Tue Oct 23, 2007 3:47 pm Subject:

The one that he was responsible for in the divorce, was that put into the divorce paper work? If it was send them a copy of the paperwork and demand that they remove it from your credit report.

Posted: Tue Oct 23, 2007 11:36 pm Subject:

Hi

Joint debts are a trouble when you divorce. These are the legal agreements you signed with your partner so you can not ignore them. I guess you are talking about the divorce decree that held your husband responsible for the debts but the saddest part is that the creditors are not concerned with the divorce decree or which partner is responsible for the debts. They are simply bothered about their money since you are the joint account holder they will try their best to get the money from you. In my opinion you should immediately talk to an attorney and try to contact your husband. I have written a blog post on this http://www.ourcommunitypower.org/blog/divorce-and-credit/

take care and keep us posted
Nelly

Posted: Wed Oct 24, 2007 8:37 am Subject:

Looks like everyone gave you some good advice. Good luck getting it taken off your credit report!

Posted: Thu Oct 25, 2007 7:35 am Subject:

If you attempt to remove 100% closed positive accounts your Fico will take a nose dive due to loss of ave account age. It is not advisable in my opinion to dispute good accounts as it will do more harm than good. Since these accounts are indeed closed it will not be looked at as available credit. I personally think a person should have as much credit as a creditor is willing to lend you since you never know when you may need to access it. Please remember available credit does not equal debt.Having very high limits with low utilitization shows lenders you are willing to be a responsible consumer.

Posted: Thu Oct 25, 2007 7:51 am Subject:

That does make sense! I was told once by a crdit couselor that too much available credit hurts your score but I never could figure out why. Look at bulldogs scores. He should know!

Posted: Thu Oct 25, 2007 8:01 am Subject:

A few years back when we were gonna get an open line of credit our bank told us if we closed out some of our credit card accts on our report, (they were OLD) we could get a lower interest rate....
Question

We did and got the lower rate...
Does that make sense? I remember it very well cuz i didn't realize we had that many credit cards since we didn't have them in our possesion.
Ang

Posted: Thu Oct 25, 2007 8:35 am Subject:

Yeah that does make sense ang.

ladybug

Posted: Sat Oct 27, 2007 4:05 am Subject:

Yes sometimes closing old accounts make sense...but it is advisable not to close accounts where you have paid all the bills on time.

Take care
Nelly

Posted: Sun Oct 28, 2007 7:05 am Subject:

Some bankers are conservative and request you close accounts or consolidate lines before granting new lines.I would shop around so you don't damage your credit on a banker or mortgage broker's advice.

Posted: Sun Oct 28, 2007 7:09 am Subject:

Well for me that was a very long time ago, maybe 10 years or so! We did get teh open line of credit and still have it...
But i have another question: While looking thru my report last week i noticed 2 diff accts, one a Sear's that reports as being open and another Chevron, also open. I have NEITHER of these cards... how can they be considered open? I don't remember using these cards in many many many many years!!
(both 0 balances)
thanks Cajun,
Ang

Posted: Sun Oct 28, 2007 7:12 am Subject: credit

My score did go up, by a few points. I don't have ALOT of credit, but, I'm paying on what I DO have..regularlly. It DOES help just to keep paying on what you have. Everyones advice, for this thread, is wonderful!! Hope this helps alittle.

Posted: Sun Oct 28, 2007 7:13 am Subject:

They probably forgot to close them or they were reopened when Citi bought out the financial backing of their accounts. You can contact the creditor to inquire about these accounts.

Posted: Mon Oct 29, 2007 10:53 pm Subject:

Yes most of the mortgage lenders advise you to close the old accounts......but in my opinion u should not close those accounts if you have a perfect payment history on those accounts. I guess closing old accounts will bump up your score is one of the myths that is very popular.

Take care
Nelly

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